Crisis theory is now generally associated with Marxian economics. Earlier analysis was provided by Jean Charles Léonard de Sismondi who provided the first suggestions of its systemic roots. Joseph Schumpeter's concept of Creative destruction attempted to reformulate Marx's analysis in more positive light. In this context "crisis" refers to what is called, even currently and outside Marxian theory in many European countries a "conjuncture" or especially sharp bust cycle of the regular boom and bust pattern of what Marxists term "chaotic" capitalist development, which, if no countervailing action is taken, develops into a recession or depression. In terms of historical materialism, such crises repeat until objective and subjective factors combine to precipitate the transition to the new mode of production.
Read more about Crisis Theory: Causes of Crises, Application, Influence, Difference Between Marxists and Keynesians, Criticisms
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